In the September 2008 Market update I reported the outstanding developer inventory according to Bay County Records.  I thought I would take another snapshot of the market.  Many things have changed.  Some of the inventory has changed hands.  I am now simply going to refer to the units as "Remaining Units".  A number of the condominiums do not have the ability to sell the remaining inventory freely.  Some are tied up in litigation.  Others are held by institutions or entities that are choosing to hold the inventory.

Most of these condominiums have detailed stories behind the sales and pricing.  I am not going to get into any specifics here.  Aqua, Palazzo, Ocean Reef, Grand Panama, Tropic Winds, and Origin at Seahaven have been selling off inventory.  Aqua and Grand Panama just recently offered new pricing. 

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The Panama City Beach condo market realized its second bulk condominium building purchase today.  Marina landing closed the fifty four remaining developer units today.  Marina Landing condominium stands sixteen stories and holds eighty seven bayfront units. 

We have had bulk buyers looking at Panama City Beach condominiums for several years now.  In most cases it becomes a three party negotiation between the buyer, seller and the bank.  Banks tended to be the largest obstacle in these transactions.  They were not willing to take the write downs that would be needed to find a bulk buyer. 

While Marina Landing is only our second bulk purchase, it will not be the last.  We have a different condominium in negotiations right now.  We are likely to see a few more bulk purchases as we move thru this real estate market. 

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Marina Landing is a new bayfront condominium located next to the Hathaway Bridge in Panama City Beach.  They scheduled and conducted an auction for 25 units on June 26, 2008.

The condominium stands 16 stories and holds 87 units.  The developer truly went above and beyond with the floor plans, finishing, appliances and the project as a whole.  Most condominiums have longer length than width.  This allows developers to maximize the number of units in a given building.  Marina Landing is an exception with condominium units featuring a longer width then length.  Benefits to this particular layout include at least 2 bedrooms overlooking the water, oversized balconies, and a more open feel to each unit.  Your minimum unit ceiling height is 10 feet and the windows overlooking the bay are truly wall to wall.  There is a private marina onsite.  Slips are available for lease exclusively by the condominium residents.
 
Original Preconstruction prices varied from $534,500 to $2.09 million depending on floor plan.  The building has been complete for almost one year now and many preconstruction contracts did not close. 

The auction is for 25 condos.  The developer had the right to cancel the auction at any time after the first unit.  They completed one three bedroom unit and one two bedroom unit before they called for a recess to talk to the developer.  After commencing again they announced that only two more units would be auctioned before ending the auction.   

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